topic Re: Should I Re-Apply? in Credit Cards

Should I Re-Apply?

Anonymous — Mon, 22 Feb 2010 18:41:42 GMT

I was declined last year for the Schwab Invest First card. I have an inquiry from FIA (the parent company) from 04/2009. I really want this card, and think I should get approved for it now, but I'm wondering if I need to wait for the inquiry to drop off first. I was thinking maybe I should wait til April when the inquiry is a year old, but it will still be visible on my report of course. What do you guys think? Go for it this year? Or wait another year?

Re: Should I Re-Apply?

DI — Mon, 22 Feb 2010 19:24:11 GMT

@Anonymous wrote:
I was declined last year for the Schwab Invest First card. I have an inquiry from FIA (the parent company) from 04/2009. I really want this card, and think I should get approved for it now, but I'm wondering if I need to wait for the inquiry to drop off first. I was thinking maybe I should wait til April when the inquiry is a year old, but it will still be visible on my report of course. What do you guys think? Go for it this year? Or wait another year?

What was the reason for them declining your first application? What significant changes you've made on your credit reports?

Re: Should I Re-Apply?

Anonymous — Mon, 22 Feb 2010 19:36:14 GMT

It's a really long story, but basically they took issue with the mortgage "analysis" Transunion put on my report. When I called Transunion to complain that they had no right to put their guesstimate of my house value on my credit report they immediately deleted. I know there's no guarantee I'll be approved for this card, but I'm specifically wondering if I should wait until the inquiry is off before applying. Are they going to see the inquiry and automatically deny me?

Re: Should I Re-Apply?

DI — Mon, 22 Feb 2010 19:47:34 GMT

@Anonymous wrote:
It's a really long story, but basically they took issue with the mortgage "analysis" Transunion put on my report. When I called Transunion to complain that they had no right to put their guesstimate of my house value on my credit report they immediately deleted. I know there's no guarantee I'll be approved for this card, but I'm specifically wondering if I should wait until the inquiry is off before applying. Are they going to see the inquiry and automatically deny me?

Only apply if you have no more than 2 recent inquiries and zero credit card debt.

Re: Should I Re-Apply?

Anonymous — Mon, 22 Feb 2010 19:50:49 GMT

The FIA inquiry is my only one in the past year. You don't think I'll get denied based on being denied last year?

Re: Should I Re-Apply?

DI — Mon, 22 Feb 2010 19:56:10 GMT

@Anonymous wrote:
The FIA inquiry is my only one in the past year. You don't think I'll get denied based on being denied last year?

Banks doesn't deny applicants because they denied them before. I applied for an AMEX card July 09 and got denied. I reapplied August 09 and got approved.

Re: Should I Re-Apply?

Anonymous — Mon, 22 Feb 2010 20:09:40 GMT

Good to know, thank you!